Westford, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Smart Airport Market will reach a value of USD 322.01 Billion by 2031, with a CAGR of 3.30% during the forecast period (2024-2031). The smart airport market is witnessing attractive developments owing to speedy innovations and the mounting use of essential technologies, making airports smarter than ever. Technologies like biometrics, blockchain, artificial intelligence, and automation are transforming every key industry and streamlining the evolution of smart airports. Moreover, the escalating adoption of connected and automated airport processes like smart baggage, self-service check-ins, and more has played a crucial role in the smart airport market growth.
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Browse in-depth TOC on the "Smart Airport Market"
- Pages – 202
- Tables – 59
- Figures – 75
Smart Airport Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.13 Billion |
| Estimated Value by 2031 | USD 322.01 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.30% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | System, Application, Airport Size, Airport Technology, Operation, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Rise of Real-time Information and Broader Adoption of IoT |
| Key Market Drivers | Mounting Adoption of Self-Service Technologies at Airports |
Terminal Segment to Gain Momentum in Coming Years Due to Heavy Demand for Advanced Technologies at Airport Terminals
By application, the smart airport market is categorized into landside, terminal side, and airside. The terminal side segment is projected to hold a dominant market share over the forecast period owing to the rising demand for improved technologies in terminals at airports. These comprise contactless check-in kiosks, biometric authentication, and intelligent security systems. In addition, improving passenger experiences and enhancing operational efficiency are a few other drivers of the segment growth. On the other hand, the airside segment is expected to grow significantly in the coming years owing to the benefit of technology integration. Airside operations benefit from improved technologies that help reduce turnaround times, enhance efficiency, and improve safety.
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Non-Aeronautical Segment to Lead Market Owing to Better Efficiency of Several Services at Airports
By application, the non-aeronautical segment held a majority share of the smart airport market and will lead in the future as well due to the rising focus on revenue diversification afar conventional aviation services. Smart services are adopted to improve efficiency of dining, retail, and several other non-aeronautical services. These factors are propelling the segment growth. Conversely, the aeronautical segment is projected to hold a considerable share of the market in the coming years owing to better operational efficiency. Technologies like advanced aircraft docking, baggage handling systems, remote-operated ground support machinery improve operational efficiency. They help simplify processes, lessen downtime, and reduce human errors, thus driving the segment growth.
North America to Dominate Market Due to Growing Government Initiatives to Modernize Airports
Region-wise, North America dominates the smart airport market as compared to other regions owing to the presence of leading players like Cisco Systems Inc., Honeywell International Inc., Siemens AG, and more. Top nations like the Canada and the United States hold a greater number of airports that adopt smart technologies in a large scale, thus impacting the market in the region. Moreover, initiatives by the U.S. government to modernize airport infrastructure is impelling the market.
Asia-Pacific region is observed to be the fastest-growing region for smart airports owing to the rising number of air passengers, mainly in the developing economies like India and China. Moreover, China is the top nations in Asia-Pacific due to heavy investments in smart airport infrastructure, driving the regional growth.
Smart Airport Market Insight
Drivers:
- Rising Passenger Traffic
- Growing Demand for Better Passenger Experience
- Rising Emphasis on Sustainability Goals
Restraints:
- High Implementation Costs
- Integration and Complexity Challenges
- Privacy and Data Security Concerns
Prominent Players in Smart Airport Market
The following are the Top Smart Airport Companies
- Honeywell International Inc.
- Siemens AG
- Cisco Systems Inc.
- Thales Group
- IBM Corporation
- Amadeus IT Group SA
- Collins Aerospace
- SITA
- NEC Corporation
- Huawei Technologies Co. Ltd.
Key Questions Answered in Global Smart Airport Market Report
- What is the projected size of the Smart Airport Market, according to SkyQuest Technology?
- What are the leading drivers of the Smart Airport Market?
- What are the common strategies adopted by the players operating in the Smart Airport Market?
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This report provides the following insights:
Analysis of key drivers (growing integration of digital services, increasing government funding and supportive initiatives, improved security measures), restraints (regulatory and compliance concerns, interoperability issues, infrastructure restrictions), opportunities (cost savings and operational efficiency, integration of improved technologies, data driven insights), and challenges (high initial investment, technology obsolescence, scalability concerns) influencing the growth of smart airport market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart airport market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart airport market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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